Chainlink price analysis: Price continues soaring as LINK reclaims $16.2

TL;DR Breakdown

• Chainlink price analysis is bullish.
• The price has been increased up to $16.2.
• Support for LINK is present at $15.4.

Today’s Chainlink price analysis shows a continuation of the bullish trend as an increase in price has been observed today. The market has been following a bullish lead for the past two weeks, and the price has undergone a significant improvement. A few correction days were also reported, but mostly the trend line remained in the upwards direction as the corrections were not much stronger.

Bulls have recovered price up to 16.2 by progressing for four days continuously, after a correction that followed for two days in between. A similar trend was observed today as well, as, despite the price breaking downwards and bears leading the price function at the start of the trading session, the bulls returned and captured the market in the last few hours and took the LINK/USD value up to $16.2 end.

LINK/USD 1-day price chart: Bullish drive takes the price up to $16.2

The 1-day price chart for Chainlink price analysis shows the bulls have been reigning the price action for most of the time during the past week, and the LINK/USD price value has been recovered above $16.2. A rise in price has been recorded during the last 24 hours as well, as the bulls continued their efforts. The increasing trend is expected to intensify further in the period of upcoming hours as well. If we mention the moving average indicator in the one-day price chart, then it is at the $15.1 position.

The increasing volatility is indicative of future trends, and it can be predicted that more uptrends are coming ahead, along with the next resistance present at the $17.1 mark. The Bollinger Bands indicator is showing its upper value at $16.2, representing the support as the price is trading above the upper band, while its lower value is $12.0. The Relative Strength Index (RSI) score moved up to index 61 because of the upwards trend.

Chainlink price analysis: Recent developments and further technical indications

The Chainlink price analysis shows the price has undergone a continuous improvement in the past 12 hours, as the buying momentum is intensifying. The buyers seem to be quite active in the market as the price has increased further in the last four hours. Due to this, the price has increased to $16.2 at the time of writing. The price has even stepped above the upper limit of the volatility indicator, and the MA value has also moved up to $15.7 on the four-hour chart.

The SMA 20 is trading above the SMA 50 due to the bullish trend of the last two weeks. If we discuss the Bollinger bands values, then its upper value is present at $16.2, just below the price level, and its lower value is at the $14.7 level. The RSI curve shows an upwards movement, and the score has been increased to 66 after the recent bullish activity. The RSI level is increasing slowly but gradually.

Chainlink price analysis conclusion

The 1-day and 4-hours Chainlink price analysis shows that the price has undergone a major improvement today. The price has increased up to $16.2 after the continuous bullish efforts put in by the buyers. Although there have been instances where the bears tried to take on the lead earlier today, the overall control has been in the hands of the buyers now as the market has been again showing positive sentiment for LINK.

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